RealGM

NBA obviously wants Hornets to trade Paul and in return dump long contracts and acquire young players and draft picks.
Here is a suitable trade.

Hornets out: Chris Paul, Emeka Okafor (3 year $40mil left), Trevor Ariza (3 years $21mil left)
Hornets in: Chris Kaman (exprining) , Eric Bledsoe, Al-farouq Aminu, Trey Thompkins (37th overall) and Travis Leslie (47th overall), Marcus Blakely, 2012 Minny pick (unprotected), 2014 Clippers 1st, future 2nd round picks
Hornets keep a huge financial flexibility get tone of young talent and will have 2 very high picks in 2012 draft.

Houston out: Hasheem Thabeet, Marcus Blakely
Houtson in: Emeka Okafor
Rockets want a center. Okafor is not a star but they are getting him without gutting their roster. They can keep playing Scola at PF.

Clippers out: Chris Kaman (exprining) , Eric Bledsoe, Al-farouq Aminu, Trey Thompkins (37th overall) and Travis Leslie (47th overall), 2012 Minny pick (unprotected), 2014 Clippers 1st, future 2nd round picks
Clippers in: Chris Paul, Trevor Ariza, Hasheem Thabeet
Clippers get Paul while keeping Gordon, Griffin, and Deandre Jordan. Ariza and Caron Butler would share SF.

*In order for this deal to work under salary cap, Clippers need to amnesty Ryan Gomes and resign DJ after the trade.

The Clippers protected pick owed to Boston at this point prevents the inclusion of the '14 1st, but otherwise I could see this framework between LAC and NOH.

The Okafor for Thabeet swap could be excluded if Houston didn't want to go in that direction, or if NOH thought they could do better, both of which I would find reasonable.